Profitero raises €750k through Bank of Ireland Start-up and Emerging Sectors Equity Fund and Enterprise Ireland
Dublin Ireland, November 16th 2011 - The Bank of Ireland Start-up and Emerging Sectors Equity Fund, managed by Delta Partners, has led an investment of €750,000 in Profitero, a start-up company that provides pricing intelligence to retailers. Enterprise Ireland are co-investors in the investment round.
Pictured are (L-R): Donal Duffy Director Corporate Banking, Bank of Ireland, Michael Moriarty, Manager High Potential Start Ups - Financial and Enterprise Software Division , Enterprise Ireland, Vol Pigrukh CEO Profitero, and Shay Garvey, Partner, Delta Partners.
Profitero was established in 2010; its co-founders built their expertise while working at Google, IBM and Microsoft in Dublin. The company offers an online service to retailers for monitoring their competitors’ prices, stock availability and shipping charges. Profitero simplifies and significantly speeds up the process of collecting and assessing this data and the service can be used by both online and offline retailers. Currently monitoring 27.5 million products across 2,500 retail websites, the company hopes to grow this number to 100 million by year-end. Recent clients include Tesco Direct and market research firm Nielsen.
Profitero CEO, Volodymyr Pigrukh said, “We see huge potential for our product in the market. Securing this funding means that we can now focus on our strategic goals of further developing the product and expanding into the European and US markets.”
Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: “We are delighted to add Profitero to the list of dynamic companies supported by the Bank of Ireland Start-up and Emerging Sectors Equity Fund. They are a true example of how an investment of this type can support an Irish company to strategically grow which is critical for the company and also as part of Ireland’s economic recovery.”
Michael Moriarty, Manager, Financial & Enterprise Software Department at Enterprise Ireland commented, “Enterprise Ireland is delighted to be supporting this innovative and ambitious company. Assisting this type of high potential young company is a key priority for Enterprise Ireland and is fundamental to building a strong cadre of world-class Irish companies. We look forward to working with Profitero and supporting them to grow their export customer base and create jobs in Ireland”.
Commenting on the announcement Shay Garvey, Partner at Delta Partners said: “Profitero is an example of a young dynamic company that is showing great potential in the market. They have already secured a number of high-profile customers and have won several prestigious awards for their innovative pricing product. This funding will enable them to bring the company to the next stage of growth and development.”
For further information please contact:
Tel. 085 7171742
Profitero offers a next-generation pricing intelligence service to retailers. The company was founded in 2010 by 30 year old Vol Pigrukh, 29 year old Dmitry Vysotski, and Kanstantsin Chernysh. With headquarters in Dublin, Profitero also has offices in Belarus. Profitero won the European Seedcamp 2010 competition and was a finalist of Dublin WebSummit 2010. It also claimed the 2010 Irish Innovation Cubed award. Profitero customers include, among others, market research group Nielsen and leading retailers such as Tesco Direct and Worten. For more information, see www.profitero.com.
About Delta Partners
Delta Partners is a venture capital firm investing in Ireland and the United Kingdom. Established in 1994, it has €230 million under management. The firm has a strong focus on investing in early-stage technology firms and the team has made over 50 investments in the information communications technology and healthcare sectors. Delta Partners is among the most active early-stage investors in Europe. Its partners' backgrounds in operations, strategy and finance complement the drive and ambition of entrepreneurial management teams. For more information, see www.delta.ie
About Bank of Ireland Start-Up and Emerging Sectors Fund
Launched in December 2010, the €17 million Bank of Ireland Start-Up and Emerging Sectors Fund was created to support Irish start-up or early stage businesses. The fund seeks to make investments of between €100k and €500k in high potential start-up companies that have an innovative idea, the potential to export and are operating in life sciences, medical devices, ICT, software, internet, emerging technologies, R&D and trading companies. The Start-Up and Emerging Sectors Equity Fund is being managed on behalf of Bank of Ireland by Delta Partners, who have been appointed Investment Managers. For more information, see http://businessbanking.bankofireland.com
About Enterprise Ireland
Enterprise Ireland, the Irish government agency responsible for the development and growth of Irish industry, is actively involved in supporting early-stage high potential start-ups. With over 80 new direct equity investments annually in these businesses, and through its investment in 41 seed and venture capital funds, Enterprise Ireland is now the largest early-stage VC investor in Europe in terms of the number of investments made. In addition, through its network of 31 international offices, Enterprise Ireland actively supports Irish companies to grow their export markets and create valuable jobs in Ireland.